they're effectively guaranteed by the federal government. this is the biggest kiss that's been given to new york banks i've ever seen. >> governor romney says he wants to repeal dodd frank, pull it back. so the question is, does anybody out there think that the big problem we had is that there was too much oversite in regulation of wall street? >> gretchen: now that we're hearing that two more firms may be designated as too big to fail s more government regulation really the way to prevent another crisis? our political panel is back, erin task, sheila bair and fred malic. all right. i want to start with sheila again only because you were part of writing dodd frank with the treasury secretary, tim geithner. what did you argue for and what did he want? >> we argued for a ban on bailouts and we were successful and we did have a disagreement with secretary geithner on this. their original white paper they put forward did allow for flexibility on bailouts and i think that's one of the reasons dodd frank ended up with this change. the designation